Expect sharp drop in the #Ibex35 to end a 10-year correctionIt remains most likely that the downturn in primary wave E° (since May 2017) is complex and not complete yet. Our arguments are time, space, and wave pattern. Usually triangles tend to retrace a substantial portion of the previous countertrend move of same degree within the triangle. The retracement looks small so far. Moreover a 6-month E° wave looks rather short relative to the rest of the triangle.
We continue to project another wave down before primary wave E° and therefore the entire 10-year triangle is completed. Moreover we forecast the drop to be sharp. The reason for that is an expanding diagonal in the last leg of an intermediate degree (X)-wave. Diagonals tend to get retraced swiftly.
